Pictet Asset Management Holding SA Grows Position in Provident Financial Services, Inc. (NYSE:PFS)

Pictet Asset Management Holding SA boosted its stake in shares of Provident Financial Services, Inc. (NYSE:PFS) by 5.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,240 shares of the savings and loans company’s stock after purchasing an additional 704 shares during the period. Pictet Asset Management Holding SA’s holdings in Provident Financial Services were worth $269,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PFS. Barclays PLC raised its position in shares of Provident Financial Services by 39.8% in the 3rd quarter. Barclays PLC now owns 316,953 shares of the savings and loans company’s stock worth $5,883,000 after buying an additional 90,238 shares during the period. Geode Capital Management LLC raised its holdings in shares of Provident Financial Services by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,947,394 shares of the savings and loans company’s stock worth $54,715,000 after purchasing an additional 53,943 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Provident Financial Services in the 4th quarter valued at about $513,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Provident Financial Services by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,825,993 shares of the savings and loans company’s stock worth $34,456,000 after purchasing an additional 33,201 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in Provident Financial Services during the 4th quarter worth approximately $5,026,000. Institutional investors and hedge funds own 71.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PFS. StockNews.com raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Saturday, February 15th. Royal Bank of Canada decreased their price target on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. Finally, Hovde Group initiated coverage on Provident Financial Services in a research report on Friday, December 13th. They issued an “outperform” rating and a $25.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Provident Financial Services Trading Down 6.7 %

NYSE PFS opened at $14.83 on Friday. The stock has a market cap of $1.94 billion, a P/E ratio of 14.12 and a beta of 0.84. The company’s fifty day simple moving average is $17.44 and its 200-day simple moving average is $18.77. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. Provident Financial Services, Inc. has a 52 week low of $13.07 and a 52 week high of $22.24.

Provident Financial Services (NYSE:PFS) last announced its earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.13). Provident Financial Services had a net margin of 10.13% and a return on equity of 5.60%. Equities research analysts predict that Provident Financial Services, Inc. will post 2.14 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.47%. The ex-dividend date was Friday, February 14th. Provident Financial Services’s payout ratio is currently 91.43%.

About Provident Financial Services

Provident Financial Services, Inc operates as the bank holding company for Provident Bank that provides various banking products and services to individuals, families, and businesses in the United States. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.